OTTAWA - Ottawa has given its blessing to the sale of properties0 V. |; M3 C$ r ^
owned by Athabasca Oil Sands Corp. to a Chinese company.$ ^8 F! \. Z/ k2 D+ }
Federal Industry Minister Tony Clement says he has reviewed the ; S. r: Q5 k- V/ @# ^1 ]$ t, P$ I4 Cdeal between Athabasca and PetroChina International Investment Co. * }( I: Q# b. w' d% ?9 ^; _ yLtd. and finds its is likely to be of net benefit to Canada.4 M% m, \! N6 C' ?" {) d2 B
Clement says PetroChina and its parent, PetroChina Co. Ltd., have + r" S+ k3 S/ c3 _* emade a number of significant commitments should they be allowed to5 a/ o( ^ s" K# r
acquire control of the MacKay and Dover oil sands projects.' _* F* [7 J: a, f: [
Among other things, the Chinese concerns have agreed to capital0 k# {- i e( n8 M* u7 f
expenditures in excess of $250 million for developing the properties6 [6 X2 c% r m( t7 D: @
over the next three years. - D9 f. p/ k0 C9 X# _ They have also pledged to increase employment levels in Canada as T6 Z+ ^% e) Y6 A. x, C) K
they develop the projects over the next three years and to maintain( V" [/ q1 G* g
an Alberta head office for operating companies associated with the + W. _9 q5 |# s! Rprojects for the next five years. y* G$ s7 o! S1 ^& N" T
(The Canadian Press)